New Report on Global LiDAR Market 2019 Edition
LiDAR stands for Light Detection and Ranging and refers to remote sensing technique for measuring variable distances to the earth. The technology uses light in the form of a pulsed laser for this purpose. This surveying method illuminates the target using laser light and then measures the reflected light with a sensor for the purpose of determining the distance. The global LiDAR market is characterized by constant innovation and high level of research and development activities.
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Global LiDAR market was estimated to be worth $1.9 billion in 2018 and is expected to touch $3.89 billion mark by 2024. The market is expected to show a CAGR of 12.76 percent during the forecast period of 2019 and 2024. There are several growth drivers which are expected to propel the market forward, increased use of drones being one of them. The improvement in LiDAR mapping system has also increased the scope of global LiDAR market.
Key players of LiDAR market are 3D Laser Mapping Inc., Aerometric Inc., Airborne Hydrography AB, AutonomusStuff LLC, Beijing Beike Technology Co., Ltd, and Faro Technologies Inc. Big market players are also investing in this technology. For instance, Bosch GmbH has plans to enter the market by 2020. The report covers overview about the companies, their recent product launches, merger with another firms, acquisition by the company and disinvestment of the company.
LiDAR technology is now being used in different sectors including defense and aerospace. Various governments are using this technology for the purpose of conducting topographical survey and mapping. LiDAR is also being employed for monitoring oil and gas fields. The report seeks to provide in depth view of the market. Apart from looking at various catalysts, the report also aims to provide information about various impediments in the market as well. The market is expected to suffer from lack of awareness about the potential of the technology.
Global LiDAR market is highly complex and vast. In order to fully comprehend various facets of the market, it is imperative that the entire market is divided into smaller chunks based on certain criterion. The report classifies the market on the basis of product type. Alternate bifurcation of the market is done on the basis of applications that this technology is used for. Further, the report also makes an in depth enquiry of the market on the basis of consumers of this technology. For each of these segments, the report offers information about key metrics such as market size and competitive landscape.
As global LiDAR market is vast and highly complex, it is advisable to look at different market segments in relation to their geographic location. On the basis of location, the entire market has been divided into segments such as North America, South America, Europe, Asia Pacific and Others. The demand for LiDAR technology mainly comes from advanced economies in North America and Europe. However, the emerging economies such as India and China are also showing strong traction. These markets are expected to boost their contribution to the segment in the near future. The report provides detailed information about these market segments.
LiDAR industry is a fast moving segment as it comes with newer technologies frequently. The market is expected to go through consolidation phase since the entry of new players will crowd out the market. Due to an increase in competition, there may be a series of mergers and acquisitions, streamlining the market. The market is highly affected by the changes in government regulations pertaining to the use of various surveillance technologies.
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Source: EIN Presswire